Summary
Major players in the thermal interface materials market are The 3M Company, Zalman Tech Co. Ltd., Wakefield-Vette Inc., Indium Corporation, The Berquist Company Inc., Momentive Performance Materials Inc., Laird Technologies Inc., DOW Corning Corporation, Parker Hannifin Corporation, Henkel AG & Co. KGAA, Fujipoly, DK Thermal Metal Circuit Technology Ltd., AI Technology, AIM Specialty Materials, AOS Thermal, Denka, Universal Science, Dymax Corporation, Ellsworth Adhesives, Enerdyne, European Thermodynamics Ltd., Inkron, Kitagawa Industries, LORD, MA Electronics, MH&W International, Minteq, Parker Chomerics, Resinlab, Schlegel Electronics Materials, and ShinEtsu.
The global thermal interface materials market grew from $2.21 billion in 2022 to $2.5 billion in 2023 at a compound annual growth rate (CAGR) of 13.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The thermal interface materials market is expected to grow to $4.15 billion in 2027 at a CAGR of 13.5%.
The thermal interface materials market consists of sales of thermal tapes, greases, elastomeric pads, solders, and other thermal interface materials.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Thermal interface materials are defined as materials made from conducting materials such as metals, silicon, and metal oxides and are applied between hard surfaces for conducting heat. Thermal interface materials find their applications mainly in electronics, medical devices, and industrial machinery.
Asia-Pacific was the largest region in the thermal interface materials market in 2022. The regions covered in the thermal interface materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of thermal interface materials (TIMs) are greases & adhesives, tapes & films, gap fillers, metal based TIMs, and phase change materials.Metal-based TIMs are substances that absorb or release latent heat when they change their physical state from solid to liquid.
TIMs are generally composed of silicone, epoxy, and polyimide and are used in several sectors, including telecom, computer manufacturing, medical devices, industrial machinery, consumer durables, and automotive electronics.
The increasing demand for electronic devices is anticipated to boost the demand for the thermal interface materials market over the coming years.Growing usage of thermal interface materials in electronic devices such as tablets, computers, smartphones, and video games attributed to its thermal conductive properties that help in strengthening the efficiency and life of electronic devices is expected to contribute to the market growth.
For instance, in April 2020, according to a market figure published by gfu Consumer and Home Electronics GmbH, a Germany-based consumer electronics company, stated that with 31.2 billion Euros in sales in 2021, the consumer electronics segment is up 2.5% from 2020. Additionally, the segment of IT goods for private use grew positively, increasing by 3.1% to 8.7 billion euros. Therefore, the surge in demand for electronics devices and appliances is expected to generate higher revenues for the thermal interface materials market.
The COVID-19 outbreak is a major factor that limited the growth of the thermal interface materials market.The spike in the number of people suffering from COVID-19 enforced the government to impose lockdowns, which in turn resulted in the temporary closure of many businesses and trade losses.
Manufacturing projects were kept on hold due to social distancing practices and a lack of labour across the globe.The shutdown of thermal interface materials manufacturing sites and disruptions in supply chain and logistics significantly impacted the revenues of the market.
For instance, according to the Engineering Export Promotion Council of India (EEPC), the estimated trade impact of the COVID-19 outbreak for India was approximately $348 million, and India is among the top 15 economies that were most affected as the manufacturing sector slowed down. Thus, the slowdown of the manufacturing sector due to COVID-19, including thermal interface materials, acted as a major restraint on market growth.
Major players operating in the thermal interface materials market are focusing on developing new innovative products to expand their product portfolio, meet the requirements of various end-use industries, and maintain their position in the competitive business environment.For instance, in April 2020, Henkel AG & Co.
KGaA introduced Loctite EA 9536 magnet bonding tape with easy assembly and high material extension for electric motors.It offers unique properties compared to the existing products in the market.
The epoxy-based adhesive film can absorb oil and dirt and can be produced in various shapes and sizes customized to specific applications.The special epoxy resins create an elastic and strong bond that holds magnets securely in position.
Moreover, in September 2020, Parker Hannifin Corporation, a US-based company specializing in control and motion technologies, launched THERM-A-GAP GEL 37, the next generation of single component and thermally conductive dispensable materials. The material has been specifically designed to limit the batch-to-batch differences typically found in thermal dispensable materials.
In September 2022, Henkel, a Germany-based chemical and consumer goods company, acquired the Thermal Management Materials business of Nanoramic Laboratories for an undisclosed amount.With this acquisition of Nanoramic Laboratories, Henkel hopes to boost its adhesive technologies business unit’s position in the emerging markets for thermal interface materials (TIM) by expanding its capabilities in high-performance segments.
Nanoramic Laboratories is a US-based thermal interface materials solutions innovator and energy storage technology company.
The countries covered in the thermal interface materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The thermal interface materials market research report is one of a series of new reports that provides thermal interface materials market statistics, including thermal interface materials industry global market size, regional shares, competitors with a thermal interface materials market share, detailed thermal interface materials market segments, market trends and opportunities, and any further data you may need to thrive in the thermal interface materials industry. This thermal interface materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
